Pune, India, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The Solar Freezer Market size was USD 346.1 million in 2020. The market is projected to grow from USD 372.5 million in 2021 to USD 653.8 million in 2028 at a CAGR of 8.4% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Solar Freezer Market, 2021-2028.”
As per the research team, factors, such as higher electricity demand from emerging economies and increasing standard of living among consumers, are expected to bolster the growth of the market globally. The segment pertaining to 250-500 liter will occupy the largest market share during the forecast period owing to the increasing integration of the latter toward various medical applications across the world.
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List of Key Players Covered in this Market Report
- B Medical Systems (Luxemburg)
- Connexa Energy (U.S.)
- Dometic (Sweden)
- DULAS (U.K.)
- ECOSOLARCOOL (U.S.)
- SUNDANZER (U.S.)
- Kyocera (Japan)
- SURECHILL (U.K.)
- Steca (Germany)
- UNIQUE APPLIANCES (Canada)
- VESTFROST SOLUTIONS (Denmark)
COVID-19 Impact
Pandemic to Cause Unaltered Affect to the Market Due to Increased Utilization
The emergency of the COVID-19 pandemic has greatly affected the growth of the market for a short period of time. This market will indicate a slow rise during peak pandemic season due to increased demand for vaccine storage requirements. Also, the development of various kinds of vaccines and medicine will integrate a wider utilization of solar freezers. With an expansive nature expected in the future, various key firms in the market are looking to invest heavily into R&D activities and expand their product lines in order to accompany the rising demand.
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Segmentation
Solar Battery Based Segment to Dominate Market
On the basis of type, the market can be divided into solar battery-based and solar direct drive. The solar battery-based segment will hold the largest market share during the forecast period due to rising demand from various applications and rising storage solutions leading to more efficient and effective functioning. By capacity, the market can be broken down into less than 250 liters, 250-500 liter, and above 500 liters. In terms of application, the market can be branched across hospitals & blood banks, pharmacies & vaccines, commercials, and others. Geographically, the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 8.4% |
| 2028 Value Projection | USD 653.8 Million |
| Base Year | 2020 |
| Market Size in 2021 | USD 372.5 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 210 |
| Segments covered | By Type, By Application, By Capacity, By Region |
| Growth Drivers | Rising Demand for Energy Efficient Equipment to Boost Market Growth |
| Rising Demand from Medical Sector to Propel Market Growth | |
| Pitfalls & Challenges | High Cost of Technology Hinder Global Market Growth |
Report Coverage
The report offers a systematic study of the market segments by exploring the various aspects such as drivers, restraints, opportunities, and upcoming trends. A deep evaluation of the existing market movements is presented in the report. An in-depth analysis of the global overview is noted in order to aid our reader’s valuable insights towards steering the depths of the market efficiently. The economic impacts caused by COVID-19 are further stared. The prominent players are identified and their accompanying strategies are also noted in the study.
Drivers and Restraints
Increasing Demand for Energy Efficient Equipment to Bolster Growth
Factors such as increased consumption of energy and rising penetration of renewable energy will increase installations during the forecast period. Also, rising demand for reducing pollution levels and increasing government initiatives will boost the market share. Increasing demand from healthcare and pharmaceutical facilities will further fuel the solar freezer market share. Rising demand for cold freezers for storing vaccines will increase the footprint of the market.
However, the higher cost of technology will limit the market during the forecast duration. Additionally, proper installation requires installing photovoltaic cells which will increase the cost of the fitting.
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Regional Insights
North America to Dominate Market due to Rising Installations of Solar Freezers
North America will occupy the largest market size due to the increasing installation of solar freezers from the commercial and medical segments. Also, rising demand for reducing electricity consumption and the ability to not affect the installed environment will further accelerate the solar freezer market growth during the forecast period.
Asia Pacific will witness the fastest growing CAGR due to the rising population in the region leading to increased energy demand. There is rising acceptance of the product from various government bodies due to increased prominence on reducing carbon emissions. This will increase the usage of carbon freezers.
Competitive Landscape
Prominent Players to Collaborate to Expand Business
The principal companies are looking to strengthen their position in the market by employing several strategies such as mergers & acquisitions, partnerships, collaborations, and launching novel products. An alternative approach for other players is to create effective supply chains and improve production hubs. For example, B Medical Systems is expanding its presence by signing a memorandum of understanding (MOU) with Adani Group to enter the Indian market space. B Medical Systems are looking to set up a manufacturing plant in the subcontinent.
Industry Development
- February 2021: B Medical Systems announced that they were rewarded a group purchasing with Premier. Under that agreement, the consumers from Premier will have access to the firm’s range of ultra-low temperature freezers, blood bank refrigerators, transport boxes, and others.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Solar Freezer Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Solar Freezer Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Solar Battery Based
- Solar Direct Drive
- Market Analysis, Insights and Forecast – By Application
- Hospitals & Blood Bank
- Pharmacies & Vaccine
- Commercial
- Others
- Market Analysis, Insights and Forecast – By Capacity
- Less than 250 Liter
- 250 – 500 Liter
- Above 500 Liter
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Solar Freezer Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Solar Battery Based
- Solar Direct Drive
- Market Analysis, Insights and Forecast – By Application
- Hospitals & Blood Bank
- Pharmacies & Vaccine
- Commercial
- Others
- Market Analysis, Insights and Forecast – By Capacity
- Less than 250 Liter
- 250 – 500 Liter
- Above 500 Liter
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Application
- Hospitals & Blood Bank
- Pharmacies & Vaccine
- Commercial
- Others
- Canada Market Analysis, Insights and Forecast – By Application
- Hospitals & Blood Bank
- Pharmacies & Vaccine
- Commercial
- Others
- U.S. Market Analysis, Insights and Forecast – By Application
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